Genus Power targets ₹6,000-6,500 crore revenue by FY27

Why Genus Power’s FY27 guidance matters

Genus Power Infrastructures Ltd has laid out a medium-term growth plan that hinges on the smart metering rollout under India’s Revamped Distribution Sector Scheme (RDSS) and a multi-year execution pipeline. Management guidance points to a step-up in scale over FY26 and FY27, with margins expected to remain around the 20% mark even as the company stays in an investment phase. The targets are being watched closely because the business is working through high working-capital intensity typical of large installation-led contracts. The company has also indicated a timeline for turning cash-flow positive, which is a key checkpoint for investors tracking the sustainability of growth.

FY27 revenue target: ₹5,500-6,500 crore range

Management commentary and corporate guidance cited in the disclosures indicate Genus Power expects FY27 revenue in the range of ₹5,500 crore to ₹6,000 crore, and in some updates also referenced ₹6,000 crore to ₹6,500 crore by FY27. One guidance note explicitly framed FY27 revenue at ₹55,000 million to ₹60,000 million, which translates to ₹5,500 crore to ₹6,000 crore. Separately, the company’s Co-MD projected revenue of ₹6,000 crore to ₹6,500 crore by FY27, describing this as more than 30% growth over the current base of ₹4,751 crore.

The guidance is also consistent with a separate set of targets mentioned for the preceding year. Genus Power has set a FY26 revenue target of ₹4,500 crore, and in another reference outlined a revenue ambition of ₹4,500 crore for FY26 and ₹5,500 crore to ₹6,000 crore for FY27. In a February 25, 2026 update, Genus Power was described as targeting ₹4,500 crore for FY26 and ₹5,500 crore to ₹6,000 crore for FY27, alongside EBITDA margins close to 22%.

FY26 guidance and margin outlook

Across multiple disclosures, Genus Power reiterated FY26 revenue guidance of ₹4,500 crore. The company also stated it revised FY26 revenue guidance upward from ₹4,000 crore to ₹4,500 crore, paired with an EBITDA margin guidance of 20% (up from 18% previously mentioned). For FY27, management guidance in the same set of updates put EBITDA margin guidance at 20%.

At an operating level, management commentary suggested it expects to surpass its FY26 EBITDA margin guidance of 18%-19% and its current-year revenue target of ₹4,000 crore in one earlier context, before later updates anchored on the revised ₹4,500 crore FY26 guidance with a 20% EBITDA margin. The company also indicated long-term guidance of 15%-16% in one historical reference, while citing stronger realised margins in FY25 and FY26-to-date.

Recent performance: revenue growth and profit expansion

Genus Power’s reported financial performance in FY26 has shown sharp year-on-year growth in quarterly and nine-month numbers. For Q3 FY26, standalone revenue was reported at ₹1,122.4 crore, up 85.8% to 86% year-on-year, while 9M FY26 revenue stood at ₹3,213.8 crore, up 114% year-on-year. EBITDA for Q3 FY26 was cited at ₹232.2 crore, up 99% year-on-year, with an EBITDA margin of 20.7% compared with 19.3% in the prior year period. For 9M FY26, EBITDA was reported at ₹676.2 crore, up 159% year-on-year, with margins reported at 21.0% (also cited as 21.3% in the company’s commentary).

On profitability, Q3 FY26 profit after tax (PAT) from continuing operations was cited at ₹147.6 crore, up 117% year-on-year, while 9M FY26 PAT was reported at ₹424.3 crore, up 157% year-on-year. Separately, the company’s Q4 FY26 net profit was reported at ₹171.76 crore, up 39.29% year-on-year, and up 22.48% on a quarter-on-quarter basis.

Order book and execution visibility under RDSS

A key support for the guidance is the scale of the order book cited across updates. One disclosure referenced an order book of ₹29,000 crore, while another cited ₹29,321 crore. The company commentary also stated that as of December 31, 2025, the order book stood at about ₹27,000 crore net of taxes, largely attributable to Genus’s own MISP projects covering about 2.75 crore smart meters. Management also described multi-year execution visibility through concession periods of around 8-10 years.

In the Q3 FY26 management commentary, the company attributed quarterly performance to scale-up across multiple live projects and progress in system integration and commissioning milestones. It also cited festive-season effects such as Dussehra and Diwali as factors that temporarily slowed on-ground installation activity across certain states, contributing to sequential moderation.

Smart meter rollout targets and manufacturing capacity

Genus Power has guided for installing 80-90 lakh smart meters in FY26 and 1.1-1.2 crore smart meters in FY27, in line with earlier references. Management commentary also reiterated an installation guidance of at least 1 crore meters in the next financial year, alongside the FY27 revenue guidance.

On capacity, the company said its current manufacturing capacity stands at over 18 million meters per year. It also noted that in H1 FY26 it manufactured around 90 lakh meters. These inputs underpin management’s claim of execution readiness as RDSS-linked tenders move into installation and integration phases.

Cash-flow positivity and peak debt expectations

Genus Power has repeatedly flagged that it is in an investment phase, but expects to become cash-flow positive by the end of FY27. In addition, management commentary and research notes cited peak gross debt expectations of about ₹2,100 crore to ₹2,200 crore in FY27.

Working capital remains a central operational feature of the business, and some commentary indicated that the “Operational Go-Live” (OGL) footprint was described as a critical inflection point for easing working-capital pressure. The same set of disclosures also highlighted concerns around high working-capital intensity as an area investors monitor.

Analyst view: Axis Securities keeps BUY, trims target

Axis Securities reiterated a BUY recommendation on Genus Power Infrastructures while trimming its target price to ₹355 from ₹430. The note cited resilient margins at 20.7% in Q3 FY26, with a year-on-year expansion of 136 basis points but a sequential contraction of 58 basis points.

Axis also recorded management retaining FY26 revenue guidance of ₹4,500 crore, an installation target of 80-90 lakh meters for FY26, and FY27 revenue guidance of ₹6,000 crore supported by a plan to install 1 crore smart meters within its AMISP portfolio. The note added that the company expects to turn free cash flow positive by FY27 as working-capital pressures ease, and that peak borrowing is expected to cap at ₹2,100-2,200 crore in FY27.

Key numbers at a glance

Risks and issues flagged in disclosures

While the operating performance and guidance show confidence, some commentary also flagged risk areas. A “forensic lens” reference highlighted regulatory scrutiny around historical shell company allegations and legal proceedings as issues that could affect investor sentiment, alongside the structural working-capital intensity of the business.

The same set of notes also emphasised that investors may track how quickly operational go-lives scale up across states, as that is linked to billing, collections, and working-capital cycles in these projects. Separately, management commentary pointed to an export business investment pipeline, indicating a potential revenue opportunity of around ₹500 crore after two to three financial years.

Conclusion

Genus Power’s guidance maps a clear scale-up path from ₹4,500 crore revenue in FY26 to ₹5,500-6,500 crore in FY27, supported by a large order book, smart meter installation targets, and stated EBITDA margin guidance of around 20%. Recent quarters show strong year-on-year growth in revenue, EBITDA, and PAT, even as the business remains investment-led and working-capital intensive. The next confirmed milestones to watch are execution through FY26, progress on OGL-linked rollouts, and management’s stated goal of becoming cash-flow positive by the end of FY27.